Sony yesterday showed off a prototype of its new gaming/cell phone/mp3/video …

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Sony has been struggling recently, suffering from a prolonged sales slump, bad decisions *cough*Gigli*cough* while falling behind in the innovation game. The Sony brand no longer has the same cachet that it did ten years ago, which means that consumers are flocking to other, less-expensive brands. The Japanese consumer electronics and entertainment giant has grand plans to change all of that ? or to at least make some serious noise in the portable consumer electronics space ? as they are showcasing a prototype "Walkman of the future." The new device, dubbed the PSP, can be used to listen to MP3s, watch videos, play games, and as a cellular phone:

Sony envisions a device that looks somewhat similar to Nokia's recently introduced N-Gage gaming phone, but with a bigger display that makes it looks more like a handheld television. The "concept model" showed off by [Sony Executive President Ken] Kutaragi was a one-piece device designed to be grasped in two hands, with a bright, color screen roughly 4.5 inches in diameter, he said. "PSP will not be one kind of product," Kutaragi said. Rather, it is a system of related devices with the capacity to add or subtract features, he said, while stressing that final design details are not expected to be revealed until later.

The PSP targets a variety of different applications, but the two industry leaders it's really after are the Nintendo GameBoy and Apple's iPod. Indeed, one Sony executive confirmed as much, stating that they're "coming at [Steve Jobs]" with the product. The PSP's prospects for success are debateable. First off, it will need to be reasonably priced as the mere presence of the Sony name can no longer command a price premium. Sony may be realizing this, as they plan to introduce an iPod competitor next year priced as low as US$60. It will also need to be easy to use (unlike the N-Gage), expandable, and not be too cumbersome for its intended use as a cell phone. Sony's recent track record for innovation has not been good as of late, and it's obvious they are hoping to get their 1980s mojo working with this device.